Hargreaves Lansdown makes solid progress at half-year

Hargreaves Lansdown released its interim results for the six months to 31 December on Tuesday, reporting net new business of £3.34bn, while assets under administration went up 9% over the period to £86.1bn.

The FTSE 100 financial services company said it now had 1,015,000 active clients - an increase of 61,000 since 30 June.

Its profit before tax was ahead 12% at £146.9m, with the board confirming its interim dividend was going up 17% to 10.1p per share, from 8.6p in the first half of the prior year.

“I'm pleased to report another strong period of growth for Hargreaves Lansdown for client numbers, revenue and profit,” said chief executive Chris Hill.

“We have a significant market opportunity with a clear strategy focused on our clients' needs and offering great value and service to them.”

The company said net new business was ahead 43% year-on-year, while total assets under management rose 23%.

Net revenue was up 17% to £216m, while diluted earnings per share were up 12% to 25p.

“Our aim of making it easy and efficient for clients to manage their savings and investments in a secure environment and empowering them to save and invest with confidence is at the heart of our business, and was reflected in our continued growth during the first half of our 2018 financial year,” Chris Hill added.